scrip takeover by avoca, page-13

there is a current of discent on this thread that clearly shows signs of a buy price that was/is much higher than current prices. I dont know whether that's due to being advised badly or whether its from buying during a period of euphoria in late 2007. Which ever it is, those shareholders must now accept the situation....you paid too much and the world has changed since you paid $2.00 plus.

While I sympathise with your predicament (and I have been there myself) I am also sympathetic to the bidder's cause. AVO are not going to pay stupid over the top prices just to take out those who paid too much in hindsight. They have a resonsibility to their shareholders.

In my very humble opinion, DIO shareholders should be glad of small mercies. The DIO management have shown little sign of experience and less skill than could be expected of a post graduate student in his/her first job. If they dont extract a bid from La Mancha, I think there should be consideration given towards a law suit for dereliction of duty.

Having said all that. I do think its a cheap bid and worthy of a "re price". All the ratios and current market comparisons tell you so.

In conclusion, I think the DIO management will be remembered for two things only...filling in the Canadians at $1.85 CAD and then performing appallingly on the operational front.
The Harmony assets (excepting the plant) where a horror buy, which ultimately cost shareholders $30 mill in lost capital. Yes, they have a plant, but had they decided not to put $30 mill into HBJ et al, the shareholders would still have a plant AND $30 mill. And more importantly, management would have be rewarded for a job well done. I reckon we would still be trading above $1.00.....That being said, I wouldn't have been able to buy in at less than 50c had it gone to plan...so thank you Grivas, Grobicki and McArthur!!!!
Long live the new owner....whoever they may be!!